A successful marketing department is an essential part of a thriving and growing business. The marketing department ensures the products are sold in the right place, at the right price and with the right promotion.
However, it can be hard to know the exact impact marketing had on sales. This makes data the marketer's best friend. Proper data analysis allows a marketer to evaluate past marketing activities and choose the right approach for future marketing activities.
In other words, marketing performance management is at the heart of the marketing department. In this article, we elaborate on the process of marketing performance management.
What is marketing performance management?
Marketing performance management is a broad definition for all technologies and services that are used by a marketing department to get access to insights, analyze data, make predictions and optimise marketing activities. It consists of three parts: data collection, data analysis and data presentation. To efficiently execute these functions in one place, you should implement a marketing performance management tool. For example, Triggre offers a customisable no-code platform which allows you to pick and choose the tools you need for marketing performance management.
The first part of the marketing performance management process, data collection, is of great importance. Without the right data, you cannot get any useful insights. The method of data collection largely depends on your goals. For example, if you're looking for insights about website usage, data collection can be done easily. Websites give insights into clicks, purchases and views of web pages. This data can then be used to analyse the effectiveness of your website.
However, obtaining data from an offline media campaign can be harder. It's impossible to know exactly how many sales are a result of a billboard campaign, for example. This doesn't mean you shouldn't attempt to collect offline marketing data. It just means that data collection is easier for online marketing activities.
After collecting your data, the analysis paves the way for data insights. Analysis of marketing data can be done in multiple ways. But no matter what you are hoping to learn, data analysis software is indispensable. The software can translate your data into useful information. This involves screening the data set, recognising the most useful parts of the data set and translating it into charts, bars and graphs. Triggre can be useful in facilitating data analysis.
The last part of the marketing performance management process might seem the easiest, but in reality, this is the part that can make or break the process. The insights obtained from the analysis can be presented in many ways. For example, a larger piece of analysis could be presented as a report. It can compare your goals against actual results.
For this, it's better to present the information using numbers rather than text. This simplifies the information and prevents the audience from skipping information. Another important consideration is making sure the content is tailored to the audience. For example, when a report is aimed at management, it should not be as technical as a report aimed at marketing executives.
This article is only an introduction to marketing performance management. How you run this process in your business largely depends on the context and goals of your business. However, this article provides a starting point that every business can use to set up, analyse or improve its marketing performance management process.
Copyright 2022. Featured post by Mahendra Kumawat.